LCBB5003: Critically Evaluate Economic Data as a Guide to Policymaking Within an International: Management Economics Assignment, UoW, UK
|University||University of Wales (UoW) UK|
|Subject||LCBB5003: Management Economics|
Learning Outcomes tested (from module syllabus)
1. Critically evaluate economic data as a guide to policymaking within an international, national, and organizational context.
2. Apply a number of different economic concepts (supply and demand, price elasticity, cost analysis) with respect to managerial decision making in organizations.
3. Analyze the impact of government policy on markets and their effect on managerial decisions.
Your analysis should start with the study of the company’s history, description of its activities, the industry it operates in, types of services and products it produces, the business environment it operates in, main markets, and other aspects of the company’s business profile.
You should choose a product or a product range as a first step. For example, Procter and Gamble have gazillions of products, you will not have the time and resources to study its products. Thus, choose, say, baby wipes product range and keep your focus on it.
- Pick a business that you know something about or can find information on. Describe the business and its main product or service.
What is your chosen product? Why did you choose it?
- Identify Demand and Market Equilibrium. For each of the factors that influence Demand, describe how your main product or service is affected. Does the factor indicate that demand is increasing or decreasing?
Price of substitutes – What is a substitute for the product or service? Is the substitute’s price increasing or decreasing? How does this affect the demand for your product or service?
Price of complements – What is a compliment for the product or service? Is the complement’s price increasing or decreasing? How does this affect the demand for your product or service?
Consumer Income – Is consumer income increasing or decreasing? How does this affect the demand for your product or service?
Consumer tastes & preferences – How are consumer preferences changing? How does this affect the demand for your product or service?
Consumer expectations of the price (of your product or service.) – Looking ahead, do consumers expect the price of your product or service to increase or decrease? How does this affect the demand for your product or service?
Demographics – Number of Consumers (Buyers) – Is the number of buyers increasing or decreasing? How does this affect the demand for your product or service?
- For each of the factors that influence the Price Elasticity of Demand, describe how your main product or service (described in 2 above) is affected. Does the factor indicate demand is more elastic or more inelastic?
Substitution Effects. Luxury vs. Necessity – From the consumer’s point of view is this a luxury or a necessity? Does this factor indicate demand is more elastic or more inelastic?
Income effects. Percentage of income – Does the purchase of the goods or services represent a large or small portion of the consumer’s income? Does this factor indicate demand is more elastic or more inelastic?
Given your analysis, what pricing policy should the business employ? Why?
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